U.S. wheat stocks up 2% from 2013

WASHINGTON, D.C., U.S. — Wheat stored in all positions in the U.S. on Sept. 1 totaled 1,914,000,000 bushels, up 44,363,000 bushels, or 2%, from 1,869,637,000 bushels on Sept. 1, 2013, the U.S. Department of Agriculture (USDA) said in its latest Grain Stocks report. Sept. 1 old crop corn stocks were up 50% from last year at 1,235,688,000 bushels, and old crop soybean stocks were down 35% at 91,960,000 bushels.

The USDA wheat stocks number was above the average of pre-report trade expectations of 1.88 billion bushels, the corn number was above the trade average of 1.185 billion bushels, and the soybean number was below the trade average of 126 million bushels. The USDA corn and soybean stocks numbers comprised their 2014 carryovers with the new marketing year beginning Sept. 1 for both crops.

Wheat, corn and soy complex futures prices traded lower in the wake of the report.

“Based on an analysis of end-of-marketing year stock estimates, disappearance for exports and crushings, and farm program administrative data, the 2013 soybean production is revised to 3.36 billion bushels, up 69.2 million bushels from the previous estimate,” the USDA said.

On-farm stocks of wheat were 721,950,000 bushels, up 30% from 555,000,000 a year ago, while off-farm stocks were 1,192,050,000 bushels, down 9% from 1,314,637,000 bushels. Indicated disappearance of wheat during the June-August period was 711 million bushels, down 28% from the same period last year, the USDA said.

Durum stocks were 60,221,000 bushels, down 9% from 66,365,000 bushels a year ago. On-farm stocks of 41,360,000 bushels were down 4% from 42,900,000 bushels a year ago while off-farm stocks of 18,861,000 bushels were down 20% from 23,465,000 bushels in 2013. Indicated disappearance during the June-August period was 18.4 million bushels, up 25% from a year ago, the USDA said.

On-farm stocks of old crop corn totaled 462,000,000 bushels on Sept. 1, up 68% from 275,000,000 bushels a year earlier, while off-farm supplies were 773,688,000 bushels, up 42% from 546,185,000 bushels. Indicated disappearance of corn during the June-August period was 2.62 billion bushels, up 34% from 1.95 billion bushels in the same period last year, the USDA said.

Old crop on-farm soybean stocks were 21,325,000 bushels, down 46% from 39,550,000 bushels on Sept. 1, 2013, while off-farm stocks totaled 70,635,000 bushels, down 30% from 101,007,000 bushels. Indicated disappearance during June-August was 313 million bushels, up 6% from the same period a year earlier.

Sept. 1 stocks of other grains were: barley, 178,802,000 bushels, down 9% from 2013; oats, 73,175,000 bushels, up 15%; old crop grain sorghum, 34,032,000 bushels, up 125%; and old crop sunflowerseed, 200,724,000 lbs, down 41%, including 113,730,000 lbs of oil type, down 59%, and 86,964,000 lbs of non-old type, up 38%.